Saratoga believes companies should proceed with caution before opting for a virtual only annual meeting. Many companies, especially larger ones with governance vulnerabilities, may face repercussions. And with opposition from savvy shareholders and shareholder groups, companies should have some concern that angering a subset of their shareholder base could damage their credibility. Read More
Institutional Shareholder Services Initiates Comment Period on Several Potential New Voting Guidelines
On October 27th, ISS initiated its comment period on a handful of new voting guidelines they are contemplating for final publication. New ISS guidelines will be released the week of November 14th and will be in effect for shareholder meetings after February 1, 2017. Market participants will have until 6:00 PM EDT on Thursday, November 10th to provide comments.
S.E.C. Proposes Universal Proxy Card in Contested Elections – 60 Day Comment Period Begins Soon.
View link here: https://www.sec.gov/rules/proposed/2016/34-79164.pdf
ISS Releases 2017 Policy Survey Results
ISS has released its “2017 Policy Survey” results, completing one of the initial steps in its annual formulation of new and updated voting guidelines. ISS will release its preliminary 2017 policy updates in late October and, after providing a brief comment period for issuers and others, will finalize new guidelines in mid-November. ISS policy updates will be effective for shareholder meetings that occur after February 1, 2017. Read More
John Ferguson will participate at Transaction Advisors Chicago M&A Conference on Thursday, September 29th at the University of Chicago’s Gleacher Center in a panel discussion “Selling Acquisitions to Institutional Investors, Proxy Handlers, and the Financial Media”.
About 2.4 million Tesla shares were recalled by stock lenders over five days through Wednesday, said Ihor Dusaniwsky, head of research at S3 Partners. The recalls have required some short sellers to buy the stock to return it. The recalled stock amounts to 18% of the stock’s trading volume in the five-day span, another factor that’s pushing the shares higher, Mr. Dusaniwsky said. Read More
Excellent article from ISS representatives on Proxy Access provisions that may be lightning rods for 2017 shareholder proposals. However, the recent results at H&R Block, where almost 70% of the shares voted against the shareholder proposal will be discouraging to governance activists. Read More